ICBA urged the FDIC to finalize the reporting regime for the GENIUS Act only after the core regulatory framework is complete and to coordinate with other regulators to avoid inconsistencies.
Details: In a letter to the FDIC regarding proposed information collection forms for payment stablecoin issuers, ICBA said:
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It supports rigorous reporting requirements and robust supervision of issuers.
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But the FDIC should reissue revised forms for additional public comment once core GENIUS Act implementation regulations are finalized.
Recommendations: ICBA also urged the FDIC to:
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Not permit abbreviated reporting for PPSIs.
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Ensures forms better capture stablecoin activity, concentrations, redemption activity, and risk.
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Preserve and clarify public-disclosure standards to ensure transparency.
More ICBA Advocacy:
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ICBA told the OCC it should not publish reporting forms until the GENIUS Act framework is complete.
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In recent letters to federal banking regulators and the National Credit Union Administration, ICBA called for greater interagency coordination on GENIUS Act rulemaking.
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ICBA called on the FDIC to adopt a strict payment stablecoin framework.
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ICBA urged the OCC to strengthen its proposed GENIUS Act rules to protect against stablecoin risks.